Economic development: local development financing authority; smart zone state capture use; modify. Amends secs. 402, 412a & 412b of 2018 PA 57 (MCL 125.4402 et seq.).

Summary

The bill revises sections of the 2018 Tax Increment Financing Act, redefining terms such as “advance,” “alternative energy technology,” and “captured assessed value,” and clarifies how certified technology and alternative energy parks are designated. These changes affect local development finance authorities, municipalities, and businesses that rely on tax increment financing, especially projects in clean‑energy and high‑tech fields. The aim is to provide clearer rules for financing and value capture.

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